George Allen lends his campaign $500K

Virginia Senate candidate George Allen is loaning himself a half a million dollars for the closing week of his campaign against Democrat Tim Kaine, POLITICO has learned.

Allen, a former governor and senator who has trailed Kaine narrowly in most public polls, wrote his campaign a $500,000 check on Monday, according to a 48-hour contribution report filed with the Senate office of Public Records.

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It’s the most vivid sign that Allen is strapped for cash in the waning days of his high-profile comeback bid to reclaim the seat he lost to retiring Sen. Jim Webb six years ago.

It also follows Kaine’s announcement Wednesday that he would be expanding his final media buy by $2 million. The former Democratic National Committee chairman has outraised Allen by more than $4 million during the entire cycle, $16 million to $12 million.

“The campaign took out a line of credit to have maximum flexibility to access funds we continue to raise online and through credit card donations. This race will come down to the wire, the momentum is on our side and we feel good about our position as head into the final weekend,” said Allen spokeswoman Katie Wright in an emailed statement.

The Allen campaign also released a new television ad Thursday targeting the Democrat on the issue of coal, seizing on his previous comments supporting a “cap and trade system.”

A CBS/New York Times/Quinnipiac University survey taken over the last week found Kaine holding a 4-point advantage in the marquee race. But Allen’s team believes the race is closer and senior adviser Dan Allen told POLITICO Wednesday Mitt Romney would carry the commonwealth, aiding Allen’s chances.